Chapters 7 and 13: Know the Difference

When your debts have become unmanageably high and you have decided to file for bankruptcy, one of the first things you’ll have to determine is whether to apply for a Chapter 7 or a Chapter 13 bankruptcy. The choice between the two is key to how your debts are to be settled, and the degree of property protection that you get.

Succeed at a Regular Dissolution of Marriage

Some marriages work out for couples, while some–regardless of the effort both spouses exert–do not. It is an unfortunate reality that there are unions that do not last, and that both small and big marital concerns (like lifestyle changes and trust issues) come into play one way or another. Couples can try out mediation and other ways of saving the marriage, but when such attempts fail to work, it is time for spouses to call it quits and go to the courts to have their marriages dissolved.

When to File for Bankruptcy

You’re down on your luck and money’s tight. Does that mean you should file for bankruptcy?

In many cases, the answer is “no”. After all, a bankruptcy filing has many implications, such as a precipitous drop in your credit rating and a financial red flag that will remain on your credit report for the next 7 to 10 years.

That being said, there are instances when bankruptcy may be your only resort, such as:

A Better Alternative to Divorce

The prospect of getting a divorce is never easy to face, and neither is actually going through the divorce process itself. While the dissolution of their marriage, on its own, can already cause animosity between both parties involved in the divorce, the traditional combative nature of the proceeding can take a definite toll on the couple themselves, their children, and their family and friends.

What to Expect When Filing for Bankruptcy

Nobody wants to end up filing for bankruptcy, yet some unfortunate individuals still find themselves financially cornered and forced into insolvency. While bankruptcy sounds scary and intimidating, it does not have to spell the end for the individual. In fact, bankruptcy should be an opportunity for the involved debtor to solve all persisting credit issues.